Quicken Loans Closes 1 Millionth Loan; Celebrates 25th Anniversary

DETROIT, Nov. 9, 2010 /PRNewswire/ -- Quicken Loans Inc., the nation's largest online lender, and a top-five retail mortgage lender, today announced it recently closed its 1 millionth home loan.  This milestone comes in the same year the company is celebrating its 25th anniversary.

Quicken Loans, founded in 1985 by Dan Gilbert, its current chairman, has grown into the nation's largest online home lender, assisting clients and closing loans in all 50-states from centralized Internet lending centers in Michigan, Ohio and Arizona.

"We believe the success we have achieved in the last quarter century has two primary pillars; first and foremost, is the unique, special and highly empowering environment and culture we have created for the 4,000-plus incredible, curious, aware and motivated team members who make up our brain-force.  Second, is our core strategy, initiated years ago to develop a technology driven, process-focused, large scale capacity to process and close home loans in all 50 states and 3,000 counties from a centralized environment with a level of client care and experience unparalleled in our business," said Gilbert.

To celebrate, Todd and Jill Biedermann of Stewartstown, Pennsylvania – whose recently closed mortgage became the company's 1 millionth loan, were surprised at their home by Quicken Loans leaders with the good news that the company awarded the Biedermanns an amount equal to their mortgage payments for a full year.  The Biedermanns also received an iPad with a congratulatory message from Quicken Loans CEO Bill Emerson in addition to several items from Quicken Loans' sister companies, including signed memorabilia from the NBA's Cleveland Cavaliers,  a certificate for custom Fatheads, a home security system from Protect America and one free year of credit monitoring from Quizzle.

"Today's celebration is a tribute to the company that we have built – a company that shuns bureaucracy and understands that numbers and money follow, they don't lead," Emerson said. "We understand that people, not profits, are the gears that drive business, and by unleashing our team members' ability to impact positive change we not only receive the great benefits of their input, we also develop much happier and productive team members. Each day our team members come to work with one singular focus - what can they do today to amaze our clients."

Quicken Loans closed a record total of $6.8 billion in home loan volume during the recent two month period of September 1st – October 31st, 2010. In the past two years, the company has closed more than 250,000 individual home loans.  

"We have achieved record loan volume, revenue and profitability at a time when our industry has faced its most serious challenges in history," added Gilbert. "We will continue to obsess over improving the quality of our clients' experience and further decrease the time it takes between application and closing, which already leads the industry by a wide margin.  We remain committed to treating each and every client as if they are a part of our family.  I look forward to closing our next million home loans and beyond."

Quicken Loans is inviting consumers to celebrate its millionth loan and 25-year anniversary through the "Thanks a Million" contest and instant-win game.  The contest, which runs through December, will pay off one client's loan, up to $250,000. To qualify, clients must close their loan with Quicken Loans no later than December 31, 2010.  For consumers not currently considering a home purchase or refinance, the company also is running an instant win game offering visitors the opportunity to win one of several thousand gifts, including credit monitoring services from Quizzle.com, lifesize wall graphics from Fathead, home alarm systems from Protect America and gift cards from popular retailers. To play the instant win game and learn more visit:  www.quickenloans.com/thanks.

About Quicken Loans Inc.

Quicken Loans Inc. is the nation's largest online retail mortgage lender and among the five largest overall retail home lenders in the United States. The company closed more than $25 billion in retail home loan volume across all 50 states in 2009, and recently closed its 1 millionth loan. Quicken Loans employs approximately 4,000 team members and generates loan production from five web centers located in Michigan, Ohio and Arizona. Quicken Loans also operates a centralized loan processing facility in Michigan as well as its San Diego-based One Reverse Mortgage unit. QuickenLoans.com has been named "Best of the Web" by Forbes and Money magazines. Quicken Loans has been named to Fortune magazine's list of the country's "100 Best Companies To Work For" seven consecutive years, ranking as high as #2. Quicken Loans has also been named in the top-15 of Computerworld magazine's "100 Best Places To Work In Technology" for six years in a row. The company recently moved its headquarters and 1,700 of its full-time team members to downtown Detroit. For more information about Quicken Loans, please visit www.quickenloans.com.

About Rock Holdings Inc.

Rock Holdings Inc. is the parent company for several financial services related businesses. These client-focused and technologically-driven companies include Quicken Loans, the nation's largest online home lender and its One Reverse Mortgage unit, the fastest growing reverse mortgage lender in America; Title Source, a nationwide leader of title insurance and settlement services; Quicken Loans Mortgage Services (QLMS), a mortgage origination platform servicing community banks and credit unions across the country; In-House Realty, the preferred real estate partner of Quicken Loans that matches clients with trusted real estate agents in all 50 states; and, Quizzle.com, the online innovator and website where consumers manage their home, money and credit. Rock Holdings, Inc. also recently moved its headquarters to downtown Detroit.

SOURCE Quicken Loans